Hostile Takeovers

Avis Budget has increased its offer for Dollar Thrifty, firing the latest salvo in its bidding war for Dollar with archrival Hertz. It's a familiar pattern in the world of mergers and acquisitions, and the data shows that interlopers like Avis often a better chance of taking home the prize.

Given the need big companies have to find growth and the availability of credit, no wonder hostile takeovers are sprouting. Air Products' $5.1 billion grab for Airgas would create a powerhouse in the liquid bulk gas market, but Airgas isn't likely to play along with that plan.